The 2022 annual financial statements were approved by a considerable majority at the General Meeting, which for the first time since the coronavirus pandemic was held once again in the Schaan Tennis Hall in the presence of a large number of shareholders. In addition, the LLB shareholders also discharged the Board of Directors, the Board of Management and the auditors KPMG Liechtenstein AG.
Dividend increases by 4.5 per cent
The shareholders approved the appropriation of the net profit for 2022 proposed by the Board of Directors in the amount of CHF 79,447,163.93 and resolved to increase the dividend from CHF 2.30 to CHF 2.50. This equates to a dividend yield of 4.5 per cent. This will benefit not only investors and private shareholders, but also the Principality of Liechtenstein as the main shareholder.
In 2022 the State was paid dividends, taxes and levies totalling CHF 52.8 million, which was welcomed with great satisfaction by Liechtenstein's head of government Dr Daniel Risch, as the representative of the main shareholder at the General Meeting.
New elections to the Board of Directors
On 5 May 2023 the term in office of Board of Directors Vice Chairman Prof Dr Gabriela Nagel-Jungo as well as member Urs Leinhäuser will expire on account of the limit on the duration of terms in office laid down by the Act on the Liechtensteinische Landesbank. In his speech Board of Directors Chairman Georg Wohlwend expressed his appreciation for her service and efforts, which were characterised by vigour, sound judgment and enthusiasm for the LLB Group.
In appointing the Liechtenstein-Swiss dual national Dr Nicole Brunhart as well as Dr Christian Wiesendanger from Switzerland, the shareholders have elected two proven financial sector experts to the Board of Directors.
Nicole Brunhart is currently the Head of Transformation on the Management Board of one of the leading European fund distribution platforms in Zurich. She has major international experience in strategic consultancy and asset management as well as know-how in relation to sustainability issues. Christian Wiesendanger has long-standing global experience in the field of wealth management and is one of the best-informed experts in the Swiss wealth management business.
Best Group net profit for more than ten years
Last year, the LLB Group once again posted extremely positive growth and was able to increase even further the Group net profit of 2021, which was already extremely good. The Group net profit rose by 8.4 per cent to CHF 149.4 million, thus achieving the best result in more than ten years, noted Group CEO Gabriel Brenna in his speech to the LLB Group General Meeting.
With net new money of CHF 3.6 billion and net new loans of CHF 800 million, LLB successfully built on the high growth in previous years. Operating income breached the CHF 500 million mark whilst the Group profit grew by 8 per cent. The tier 1 ratio of 19.7 per cent underscores the excellent capital adequacy and financial strength, also on an international comparison. With a Moody's rating of Aa2, LLB is one of the most stable and secure full-service banks in the world.
Strong growth
With a mixture of cost discipline, investment in its strengths and ongoing rigorous implementation of the ACT-26 strategy, the LLB Group aims to keep travelling along a sustainable growth trajectory also in 2023, despite the high geopolitical and economic uncertainty.
Alongside strong organic growth, inorganic growth is also part of the ACT-26 strategy. As such, LLB continues to focus on strategically sensible, targeted investments as was the case regarding the purchase of the remaining 25-perc-ent stake in Bank Linth. Since mid-December 2022, Bank Linth has been fully owned by LLB. The large numbers of former Bank Linth shareholders attending the General Meeting for the first time, having decided to accept the partial exchange offer thereby becoming shareholders of LLB, have thus expressed their confidence in the LLB Group.
LLB has also reaffirmed the importance of Bank Linth as a key pillar within the Group in connection with the ACT-26 strategy. Building on Bank Linth's strengths and the expertise available in the Group, private banking, corporate client business and business with external asset managers in Switzerland will be expanded. Private client business continues to be a central pillar. New locations are also planned to be opened in Zurich and St. Gallen as part of the strategic development.
The ACT-26 corporate strategy and the dual positioning will also be reflected in the new brand identity of LLB: in future, all Group companies will appear under the modern, strong LLB brand.
Our high stability and security are becoming even more significant within the current environment. With a mixture of cost discipline, investment in our strengths and ongoing rigorous implementation of our ACT-26 strategy, we will keep travelling along a sustainable growth trajectory also in 2023 and expect to achieve a solid result, comments Group CEO Gabriel Brenna, looking to the future of the LLB Group with confidence.
Brief portrait
Liechtensteinische Landesbank AG (LLB) is the longest-established financial institute in the Principality of Liechtenstein. The majority shareholder is the Principality of Liechtenstein. The LLB's shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services: as a full-service bank as well as in private banking, asset management and fund services. With 1,116 employees (in full-time positions), the Group is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As at 31 December 2022, the business volume of the LLB Group was CHF 98.4 billion.
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